The technical staff of the Superintendency of Banks of Panama (SBP), comprised of Roxana Castillo, Director of Supervision of Financial Intermediaries and Trust Companies, and Ingrid Arboleda, Financial Analyst of the Financial Stability Division, attended the meeting of the Accounting and Financial Standards Committee organized by the Superintendency of Banks of the Dominican Republic and the Central American Council of Banks, Insurance, and Other Financial Institutions Superintendents (CCSBSO) in Santo Domingo, Dominican Republic, from April 19 to 22, 2023.

During the meeting, the progress of roadmaps of CCSBSO members to implement the International Financial Reporting Standards (IFRS) was presented.

Representatives from the superintendencies of Colombia, Costa Rica, El Salvador, Honduras, Nicaragua, the Dominican Republic, and Panama participated in the event.

The Superintendency of Banks of Panama (SBP) celebrated its 25th anniversary with a thanksgiving mass at Santuario Nacional del Corazón de María.

The Eucharist was presided over by Monsignor José Domingo Ulloa, Archbishop of Panama, and concelebrated by temple priest Freddy Ramírez.

The religious ceremony was attended by the Superintendent of Banks, Amauri A. Castillo, members of the Board of Directors, the Secretary-General, the executive staff, and over 400 institutional employees.

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The International Banking Center (CBI) is regaining its performance in 2022 in terms of assets, financial intermediation volume, and profitability, as emphasized by the Superintendent of Banks, Amauri A. Castillo, during the presentation of the December 2022 results.

According to the Banking Activity Report (IAB) issued by the Superintendency of Banks of Panama, the assets of the International Banking Center (CBI) exhibited an accelerated expansion rate, thanks to the improved performance of the net credit portfolio as of January 2023.

The results of CBI’s net credit portfolio showed a growth of 12.1% as of January 2023, reaching a total of USD 83.37 billion. This represents a substantial year-on-year difference of USD 9.03 billion compared to January 2022.

The Superintendency of Banks of Panama (SBP) serves as the main counterpart, along with the Ministry of Economy and Finance (MEF), the Superintendency of the Securities Market (SMV), the Superintendency of Insurance and Reinsurance (SSRP), and other stakeholders in the banking and financial sector, in the Financial System Assessment Process (FSAP) of Panama.

Michelle Arango, Secretary-General of the Superintendency of Banks, inaugurated the training seminar on “Supervision and Regulation of Financial Conglomerates,” attended by employees from the Superintendency of Banks of Panama (SBP), the Superintendency of the Securities Market (SMV), the Superintendency of Insurance and Reinsurance of Panama (SSRP), and the Public Employees Savings and Retirement Capitalization System (SIACAP).

- Banks have until December 31 to transition modified loans into the portfolio subject to normal collection treatment.

The modified loans portfolio decreased to 2.7% as of November 2022, representing a significant reduction from the 47.6% recorded in July 2020, as revealed in the final Banking Activity Report (IAB) of the year issued by the Superintendency of Banks of Panama (SBP).

This percentage indicates that pressures on asset quality are under control, highlights the SBP’s report.

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CBI deposits grew by 4.5% in July 2023.